Executive Summary
Freedom Holding Corp delivered a strong Q4 2024 performance anchored by a substantial year-over-year surge in revenue and a meaningful expansion in profitability. Revenue of $489.87 million rose 96.6% year over year and 13.6% quarter over quarter, supported by resilient capital markets activity and an expanded mix of brokerage, investment banking, and related services. Gross profit reached $331.25 million for a gross margin of approximately 67.6%, with operating income of $208.40 million and an operating margin of about 42.5%, underscoring a high-occupancy margin business model within a diversified financial services platform. Net income of $95.22 million translated to a net margin of roughly 19.4% and an EPS of $1.58 for the quarter, reflecting solid cost discipline and a favorable mix of revenue sources.
Key Performance Indicators
QoQ: -13.53% | YoY:172.90%
QoQ: -4.24% | YoY:154.84%
Key Insights
Revenue: $489.87M, YoY +96.6%, QoQ +13.6%. Gross profit: $331.25M, margin ~67.6%, YoY +54.4%, QoQ +9.6%. Operating income: $208.40M, margin ~42.5%, YoY +172.9%, QoQ -13.5%. Net income: $95.22M, margin ~19.4%, YoY +73.3%, QoQ -1.2%. EPS: $1.58, YoY +154.8%, QoQ -4.2%. EBITDA: $243.46M, EBITDA margin ~49.7% of revenue. Operating cash flow: $208.01M; Free cash flow: $200.53M; FCF per share: $3.33. Balance sheet: Total assets $8.3019B; Total liabilities $7.13497B; Total stockholders’ equity $1.163...
Financial Highlights
Revenue: $489.87M, YoY +96.6%, QoQ +13.6%. Gross profit: $331.25M, margin ~67.6%, YoY +54.4%, QoQ +9.6%. Operating income: $208.40M, margin ~42.5%, YoY +172.9%, QoQ -13.5%. Net income: $95.22M, margin ~19.4%, YoY +73.3%, QoQ -1.2%. EPS: $1.58, YoY +154.8%, QoQ -4.2%. EBITDA: $243.46M, EBITDA margin ~49.7% of revenue. Operating cash flow: $208.01M; Free cash flow: $200.53M; FCF per share: $3.33. Balance sheet: Total assets $8.3019B; Total liabilities $7.13497B; Total stockholders’ equity $1.16365B. Cash and equivalents $0.8728B; Short-term investments $3.9052B; Long-term investments $4.0402B. Net debt $2.1940B; Debt/Capitalization ~72.5%; Current ratio 1.355; DSO ~336.5 days; Deferred revenue current ~$2.27383B; Deferred revenue non-current ~$60.088M. Key valuation metrics (preliminary): P/B ~3.62; P/E ~11.06; EV/FCF ~21.0. Cash balance supports liquidity to fund operations and potential strategic initiatives.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
489.87M |
96.60% |
13.60% |
| Gross Profit |
331.25M |
54.40% |
9.56% |
| Operating Income |
208.40M |
172.90% |
-13.53% |
| Net Income |
95.22M |
73.29% |
-1.19% |
| EPS |
1.58 |
154.84% |
-4.24% |
Key Financial Ratios
operatingProfitMargin
46.2%
operatingCashFlowPerShare
$3.46
freeCashFlowPerShare
$3.33
Management Commentary
No earnings-call transcript was provided in the data set. As a result, there are no management quotes or theme-based highlights to extract. If a transcript becomes available, we will group insights by themes (strategy, operations, market conditions) and annotate with context and significance.
Transcript not available in this dataset.
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Transcript not available in this dataset.
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Forward Guidance
There is no formal forward guidance disclosed in the QQ4 2024 filing. Management commentary (as reflected in the results release) emphasized strong execution and ongoing contribution from capital markets activities. Given the cyclicality of capital markets and cross-border business exposure, investors should monitor: (1) platform usage and volumes across brokerage and market-making activities; (2) growth in debt and equity capital markets inflows; (3) changes in regulatory regimes and cross-border funding costs; and (4) liquidity management, given the sizable deferred revenue balance and leverage metrics. In our view, medium-term visibility hinges on sustained trading activity and capital-raising demand, with potential upside if cross-border client onboarding accelerates.